Taxing Buybacks from Big Oil Windfalls Act

This bill increases the corporate tax rate on stock buybacks to 25 percent for large oil and gas companies that meet specific revenue and operational criteria. It targets corporations with an average annual gross receipt of at least $1 billion that are primarily engaged in producing, refining, processing, transporting, or distributing oil or natural gas. The higher tax rate applies only to stock repurchases made after the bill is enacted and before gasoline prices fall below $2.937 per gallon for five consecutive weeks. If gasoline prices drop below this threshold, the special tax provision ceases to apply, and companies may claim a partial reduction in their tax liability based on the duration of the high-price period.